30 August 2011
AS PER SECTION 44AD ALL BUSINESS ARE COVERED. ASSESSEE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT IF HE SHOWS PROFIT BELOW 8% AND HIS PROFIT FROM SUCH BUSINESS EXCEEDS MAXIMUM AMOUNT NOT CHARGEABLE TO TAX i.e 160000/-.
AS PER SEC 44AB ASSESSEE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT IF HIS PROFIT EXCEEDS 120000.
THUS EVERY ASSESSEE WILL OPT FOR 44AD SHOW HIS PROFIT BEFORE 120000 BUT BELOW 160000 AND WILL NOT MAINTAIN BOOKS OF ACCOUNT.
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